scorecardresearchIPO Debut: Radiant Cash Management lists 10% higher, trades at ₹103 per share on NSE

IPO Debut: Radiant Cash Management lists 10% higher, trades at 103 per share on NSE

Updated: 04 Jan 2023, 10:56 AM IST
TL;DR.
  • At 10:16 IST, Radiant Cash Management was trading at 104 per share, 11.01% higher on the NSE.
Radiant Cash Management Services lists on the bourses today

Radiant Cash Management Services lists on the bourses today

Shares of Radiant Cash Management Services Ltd listed on the bourses at a premium on Wednesday.

On the NSE, the was listed at 103 per share, 9.6 percent higher than the issue price, and on the BSE, the stock was listed at 99.30 per share, 5.6 percent higher than the issue price.

The stock hit a high of 108.45, and a low of 98, on the BSE.

At 10:16 IST,  the stock was trading at 104 per share, 11.01% higher on the NSE.

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Radiant Cash Management Services on BSE

On the final day, the public offer was subscribed 0.53 times or 53 percent. Qualified institutional buyers (QIB) oversubscribed the public offering while slightly more than half of the non-institutional investors' portion was subscribed. However, retail investors did not show much of interest

The IPO that opened for subscription on Friday, December 23, closed on Tuesday, December 27.

The company's total IPO size was reduced from 387.94 crore to 256.66 crore, as the allotment price was reduced from 99 to 94.

The fresh issue component was reduced from 60 crore to 54 crore, and offer for sale from 327.94 crore to 202.09 crore.

According to an exchange filing, the company garnered 116.38 crore from anchor investors. On Thursday, December 22, the company informed the bourses that it allocated 1,17,55,681 shares at 99 per share to anchor investors.

While allotment to anchor investors was done at 99 per equity share, people who have applied excluding anchor will be allotted at the lower price band i.e 94 per share.

Anchor investors include HDFC Trustee, Aditya Birla Sun Life Trustee, Emerging Business Fund, Alchemy Emerging Leaders of Tomorrow, Citigroup Global Markets, Dovetail India Fund, Societe Generale, BNP Paribas Arbitrage, UTI Mutual Fund, and Saint Capital Fund.

Out of the total allocation of 1,17,55,681 equity shares, 32,32,800 equity shares (27.50 percent of the total allocation to anchor investors) were allocated to three domestic mutual funds through a total of 5 schemes.

The company had fixed the price band at 94 to 99 per equity share for the proposed initial public offer.

IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and Yes Securities (India) Limited are the book running lead managers.

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First Published: 04 Jan 2023, 10:23 AM IST